Core Viewpoint - Continuous rainy weather in Qingyang City poses a risk of mold for harvested chili peppers, increasing production pressure on local chili processing enterprises. The State Grid Qingyang Power Supply Company has proactively provided support to ensure stable electricity supply for chili processing, safeguarding farmers' livelihoods [1][4]. Group 1: Chili Processing Industry - The Guhechun Farmers' Professional Cooperative has transformed chili planting from scattered distribution to large-scale, contiguous cultivation through a "cooperative + farmers" model, significantly increasing the income of surrounding farmers and becoming a key support for rural revitalization [3]. - The recent rainy weather has made it difficult to dry fresh chili peppers, which have high moisture content. If not processed in time, they can rot within days, directly impacting farmers' earnings [3][4]. Group 2: Power Supply Support - Upon learning about the cooperative's challenges, the State Grid Qingyang Power Supply Company formed a special service team to conduct thorough inspections of key electrical equipment, ensuring safety and reliability in the power supply chain [4]. - The company provided a "one-on-one" power supply guarantee plan for the cooperative, promising 24-hour emergency response services during the peak chili processing season to ensure uninterrupted power supply [5]. Group 3: Future Initiatives - The State Grid Qingyang Power Supply Company plans to focus on the development needs of local specialty industries, establishing a service mechanism that includes regular inspections and energy-saving technology guidance for key agricultural sectors like chili, apples, and small grains [5].

Group 1 - The core viewpoint indicates that there is an increased pricing power among enterprises, leading to a slight rise in the spot price of rapeseed meal [1] - As of September 16, the spot price of ordinary rapeseed meal in coastal areas ranges from 2590 to 2700 CNY/ton, reflecting an increase of 20 to 30 CNY/ton compared to the previous trading day and an increase of 0 to 20 CNY/ton compared to the same period last week [1] - On September 17, the futures market shows the main contract for rapeseed meal closing at 2460.00 CNY/ton, with a decline of 2.26%, and a trading volume of 394,731 contracts [2] Group 2 - The inventory of rapeseed meal is high, but there is still pressure on circulation; however, low rapeseed inventory and fewer distant ship purchases provide a basis for potential upward fluctuations in the future [4] - On September 17, the number of rapeseed meal futures warehouse receipts was 10,119, a decrease of 110 from the previous trading day [3] - Canadian canola oil prices remained stable, with October shipment at 1080 USD/ton and December shipment at 1060 USD/ton [3]

Core Viewpoint - The agricultural processing sector experienced a decline of 0.58% on September 17, with *ST Zhongji leading the drop, while the overall market indices showed positive movements [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3876.34, up by 0.37% [1]. - The Shenzhen Component Index closed at 13215.46, up by 1.16% [1]. Group 2: Individual Stock Performance - Morning Light Bio (300138) closed at 13.09, with an increase of 0.54% and a trading volume of 59,700 shares, totaling a transaction value of 78.23 million yuan [1]. - Baolingbao (002286) closed at 10.28, up by 0.49%, with a trading volume of 71,000 shares and a transaction value of 72.97 million yuan [1]. - COFCO Sugar (600737) closed at 16.85, up by 0.36%, with a trading volume of 336,400 shares and a transaction value of 566 million yuan [1]. - Other notable stocks include Jin Jian Rice Industry (600127) down by 0.29% and Golden Dragon Fish (300999) down by 0.33% [1]. Group 3: Fund Flow Analysis - The agricultural processing sector saw a net outflow of 71.57 million yuan from main funds, while retail funds experienced a net outflow of 10.00 million yuan [3]. - Speculative funds recorded a net inflow of 81.58 million yuan [3].

转自：新华财经 以"如何做大做强龙江玉米产业，推动产业高质量发展"为主题的第22期"珠江路35号"政商沙龙活动9月16日在哈尔 滨举行。肇东星湖生物科技有限公司综合管理部部长谢刚表示，企业正聚焦延伸玉米加工产业链发展，提高玉米 产品附加值，提升市场竞争力。 据介绍，星湖科技是黑龙江省农业产业化龙头企业，2020年被评定为国家高新技术企业，2021年获黑龙江"专精特 新"中小企业和黑龙江省"制造业单项冠军"企业称号，2021年企业技术中心获认定为省级企业技术中心，2022年省 级工程技术研究中心完成备案，2025年获得黑龙江省绿色工厂称号。 星湖科技坐落于绥化市肇东市北郊，总占地约320亩，员工约830人，是集研、产、销于一体的高新技术企业，以 合成生物学为核心技术的制造型企业，主营业务为年产1.2万吨食品添加剂呈味核苷酸二钠及配套的核苷产业链产 品，产品主要应用于酱油、鸡精、汤料包等食品调味料产业，产品销往全球各地。 该企业进入绥化肇东市以来，不断开展技术创新，先后和清华大学、江南大学、湖北大学、黑龙江省微生物所进 行产学研合作，近三年取得发明专利5项，生产技术水平取得了近20%提升，近2年产品规模增加近20 ...

gtaxinstitute@essence.com.cn 综合晨报 2025年09月17日 【原油】 隔夜贵金属震荡，美国公布8月零售销售月率录得0.6%，高于预测的0.2%和前值0.50%。市场定价美 联储年内将连续降息三次，特朗普称需要更快速的降息，聚焦明日凌晨美联储会议降息幅度以及鲍 威尔讲话对未来路径的指引。 【铜】 隔夜铜价阴线走低,短线仓量获利了结,市场静待联储会议。国内现铜上调到81120元,换月后沪 粤升水75、40元。铜价突破再涨,需重点关注资金兴趣,目前仓量一般。多单择机止盈观望。 【铝】 隔夜沪铝震荡。下游开工继续季节性回升，年内铝锭库存大概率处于偏低水平。但铝锭社库仍未现 拐点,继续关注旺季需求反馈。沪铝短期测试3月高点位置阻力。 (铸造铝合金) 铸造铝合金跟随沪铝小幅回调，保太现货报价维持在20600元。废铝货源偏紧,税率政策调整预期 增加企业成本,现货与沪铝跨品种价差存在进一步收窄空间。 (氧化铝) 氧化铝运行产能超过9700万吨刷新历史新高，行业库存持续上升，仓单超过15万吨。供应过剩明 显，各地现货持续下调，新疆铝厂招标价折北方出厂价低于2950元。晋豫产能现金成本尚有利润, ...

1. Report Industry Investment Ratings - **Equity Index**: Short - term shock is on the strong side, and short - term cautious long positions are recommended [3][4] - **Treasury Bonds**: Short - term shock is on the weak side, and cautious observation is recommended [3] - **Black Metals**: Short - term shock, short - term cautious observation [3] - **Non - ferrous Metals**: Short - term shock is on the strong side, and short - term cautious long positions are recommended [3] - **Energy and Chemicals**: Short - term shock, cautious observation [3] - **Precious Metals**: Short - term high - level shock is on the strong side, and cautious long positions are recommended [3] 2. Core Views of the Report - Overseas, the US may impose more tariffs on imported auto parts, and the dollar is weak due to expected Fed rate cuts. Domestically, economic data is lower than expected, but risk appetite has increased due to reduced external uncertainties and enhanced easing expectations. The market focuses on domestic stimulus policies and easing expectations [3]. - Different sectors in the commodity market have different trends. For example, steel may continue to rebound, while some energy - chemical products are in a state of shock [6][13]. 3. Summary by Related Catalogs Macro - finance - **Overseas**: The US may increase tariffs on auto parts, the dollar index is at a 10 - week low due to expected Fed rate cuts, and global risk appetite has increased [3]. - **Domestic**: In August, consumption, investment, and industrial added - value growth were lower than expected, but risk appetite increased due to policy measures and reduced external uncertainties. The market focuses on domestic policies, and the short - term macro - upward drive has strengthened [3]. - **Asset Recommendations**: Short - term long positions for equity indices, cautious observation for treasury bonds. For commodities, short - term long positions for non - ferrous metals and precious metals, and cautious observation for others [3]. Black Metals - **Steel**: Futures and spot prices continue to rebound. Demand is still weak, but supply is likely to shrink. The market is expected to be in a short - term shock - strong trend [6]. - **Iron Ore**: Prices are strong, but the upward space is limited. Supply is high, and inventory has decreased slightly. It is recommended to view prices with an interval shock idea [6][7]. - **Silicon Manganese/Silicon Iron**: Spot and futures prices have rebounded slightly. Supply is increasing, and the market is expected to continue to fluctuate in the short term [7]. - **Soda Ash**: High - level shock. Supply is increasing, demand is weak, and it is recommended to take a bearish view in the medium - to - long term, while being vigilant about short - term policy impacts [8]. - **Glass**: High - level shock. Supply is stable, demand growth is limited, and it is expected to fluctuate in the short term [8]. Non - ferrous and New Energy - **Copper**: Prices are strongly rising, driven by expected Fed rate cuts. It is short - term strong, but the upward space is limited [9]. - **Aluminum**: Prices are rising, but the fundamentals are weak. There is a technical pressure level at 21,300 yuan/ton [9]. - **Aluminum Alloy**: Supply is tight, demand is weak, and prices are expected to be in a short - term shock - strong trend with limited upward space [10]. - **Tin**: Supply has decreased due to maintenance, but it is expected to recover. Demand is weak, and prices are expected to be in a short - term shock - strong trend with limited upward space [10]. - **Lithium Carbonate**: Prices are rising, with both supply and demand increasing. The market is expected to be in a shock - strong trend [11]. - **Industrial Silicon**: Prices are rising, and it is expected to be in a shock - strong trend [11]. - **Polysilicon**: Prices are rising, and it is expected to be in a high - level shock and easy - to - rise - hard - to - fall state [12]. Energy and Chemicals - **Crude Oil**: Prices are slightly rising due to supply pressure and expected Fed rate cuts [13]. - **Asphalt**: Prices are following the rise of crude oil, but demand is weakening, and the upward space is limited [14]. - **PX**: Prices are rebounding slightly, in a tight pattern, and are expected to be in a shock state [14]. - **PTA**: Prices are rebounding slightly, but the upward space is limited. There is also support below, and it is expected to be in a shock state [15]. - **Ethylene Glycol**: It is expected to be in a weak - shock state due to factors such as inventory accumulation and weak downstream demand [15]. - **Short - Fiber**: Prices are slightly rising, but the upward space is limited, and it can be short - sold in the medium term [15]. - **Methanol**: Supply is increasing, demand is weakening, and inventory is rising. It is in a short - term shock - weak state with limited downward space [16]. - **PP**: Supply is still loose, and it is expected to be in a shock - weak state in the short term [16]. - **LLDPE**: Supply is increasing, demand improvement is limited, and it is expected to be in a shock - weak state [16]. - **Urea**: Supply pressure is expected to increase, demand is weak, and prices are expected to be low in the medium - to - long term [17]. Agricultural Products - **US Soybeans**: Prices are rising. The crop rating is declining, and the harvest rate is slightly lower than last year [18]. - **Soybean and Rapeseed Meal**: The short - term supply is excessive, but the price center may rise in late September and October [18]. - **Oils and Fats**: Soybean oil supply is sufficient, and consumption support is limited. Rapeseed oil inventory is decreasing, and the market is bullish. Palm oil demand is weakening, and production concerns exist [19]. - **Corn**: New - season prices are chaotic at the beginning, but the expected decline is limited. Futures are in a short - term correction, but the low - valuation support is strong [19][20]. - **Pigs**: The supply in September is increasing, and the price rebound expectation is reduced. There may be an over - seasonal pressure on prices from October to November [20].

隔夜国际油价上行，布伦特11合约涨1.51%。近期俄乌博弈再次加码，乌克兰频繁袭击俄罗斯炼厂 及出口港口，上周末遇袭的Kirishi地区炼厂炼能40万桶/天在全国占比6.4%，总体受损炼厂开工或 在10万桶/天之内；出口能力100万桶/天的西北部Primorsk港口亦因遇袭影响9月装船计划。 此外， 市场预期周三结束的联储议息会议将至少降息25bp，对商品市场情绪构成短期支撑。原油价格中期 偏空趋势不变，短期地缘因素或对供应有阶段性犹动，但反弹空间愈发受限，继续关注高位空单与 看涨期权相结合的策略组合。 gtaxinstitute@essence.com.cn 综合晨报 2025年09月17日 【原油】 (责金属) 隔夜贵金属震荡，美国公布8月零售销售月率录得0.6%，高于预测的0.2%和前值0.50%。市场定价美 联储年内将连续降息三次，特朗普称需要更快速的降息，聚焦明日凌晨美联储会议降息幅度以及鲍 威尔讲话对未来路径的指引。 【铜】 隔夜铜价阴线走低,短线仓量获利了结,市场静待联储会议。国内现铜上调到81120元,换月后沪 粤升水75、40元。铜价突破再涨,需重点关注资金兴趣,目前仓量一般。多单择机止盈观 ...

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Abiove adjusted its forecasts for Brazil's 2024/25 soybean - related products, maintaining the soybean production and export volume forecasts, while increasing the forecasts for soybean crushing volume, bean - meal production, and soybean oil production [1]. - The NOPA monthly report showed that the U.S. soybean crushing volume in August decreased but was still higher than expected, and the soybean oil inventory at the end of August reached an eight - month low [1]. - Ukraine's rapeseed trade has been stagnant for two consecutive weeks due to export chaos, and there may be short - term price fluctuations [1]. 3. Summary by Related Catalogs Overnight Market Information - **Brazil**: Abiove kept the forecast of Brazil's 2024/25 soybean production at 170.3 million tons and the 2025 soybean export volume at 109.5 million tons. It raised the 2025 soybean crushing volume forecast to 58.5 million tons from 58.1 million tons, the 2024/25 bean - meal production forecast to 45.1 million tons from 44.8 million tons, and the 2024/25 soybean oil production forecast to 11.7 million tons from 11.65 million tons. The forecasts for 2024/25 bean - meal and soybean oil export volumes were unchanged at 23.6 million tons and 1.35 million tons respectively [1]. - **USA**: NOPA reported that U.S. member units crushed 189.81 million bushels of soybeans in August, 3.0% less than in July and 20.1% more than in August 2024. The average daily crushing volume was 6.123 million bushels, the lowest since last September. The soybean oil inventory at the end of August dropped to 1.245 billion pounds, 9.7% lower than at the end of July but 9.4% higher than the same period last year. The U.S. produced 4,512,904 short tons of bean - meal and 2.272749 billion pounds of soybean oil in August [1]. - **Ukraine**: Ukraine's rapeseed export has been blocked for two consecutive weeks due to disputes over customs documents after a 10% export tariff on rapeseed and soybeans. The Black Sea rapeseed CPT price dropped by $10 to $525 per ton last week. The rapeseed oil export volume from September 5 - 11 was 9,300 tons, down from 129,000 tons the previous week. Ukrainian agricultural enterprises may postpone rapeseed sales until November or December [1]. Spot Prices - The spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from September 10 - 16, 2025, showed certain fluctuations [4].

Core Viewpoint - The article highlights the strong performance of the U.S. retail sales in August, which increased by 0.6% month-on-month, marking the 11th consecutive month of growth, suggesting robust consumer spending despite economic challenges. This may influence the Federal Reserve's decision on interest rate cuts [1][2][15]. Group 1: Key Economic Indicators - U.S. retail sales showed a month-on-month increase of 0.6% in August, surpassing the expected 0.2%, and a year-on-year growth of 2.1% [2][15]. - The Consumer Price Index (CPI) for August rose by 2.9% year-on-year, while the core inflation rate was at 3.1% [2][15]. - The Producer Price Index (PPI) unexpectedly decreased by 0.1% month-on-month, with a year-on-year increase of 2.6%, which was below the market expectation of 3.3% [2][15]. Group 2: Commodity Insights - Gold prices are expected to remain strong due to the anticipation of multiple interest rate cuts by the Federal Reserve, with a neutral expectation of three cuts within the year [2][16]. - Copper prices are likely to fluctuate within a range due to mixed factors, including tight supply and varying demand from sectors like electricity and automotive [3][17]. - Oil prices increased by 1.56% as OPEC+ countries decided to adjust their production levels, indicating a stable outlook for global economic growth [3][10]. Group 3: Policy and Regulatory Developments - The Chinese government, through the Ministry of Commerce and other departments, announced measures to expand service consumption, including optimizing student holiday arrangements and enhancing service supply [1][4]. - The ongoing trade negotiations between the U.S. and China are expected to influence market conditions, particularly regarding tariffs and inflation [2][15]. Group 4: Market Performance - The U.S. stock market showed volatility, with major indices experiencing fluctuations, indicating a period of consolidation after a prolonged uptrend [8][9]. - The bond market saw a decrease in yields, with the 10-year Treasury yield falling to 1.784%, reflecting increased expectations for interest rate cuts [9]. Group 5: Industry-Specific Developments - The real estate sector in China is facing challenges, with the launch of a direct sales platform by the China Real Estate Association aimed at improving market efficiency [6]. - The agricultural sector is experiencing mixed signals, with soybean planting area adjustments and expectations for supply improvements affecting market dynamics [20][24].

Group 1: Core Insights - The article highlights the significant progress made in the Xinjiang Uygur Autonomous Region over the past 70 years, particularly focusing on the collaboration between Suzhou and Horgos, which has been ongoing for 15 years [1] - The Suzhou-Horgos partnership emphasizes a comprehensive approach to aid, focusing on industry development, livelihood improvement, and cultural exchange [1] Group 2: Economic Development Initiatives - The Jiangsu Aid to Xinjiang Suzhou Working Group has invested nearly 3 million yuan to establish a Horgos agricultural product exhibition center, facilitating the sale of 1.3 billion yuan worth of Xinjiang agricultural products [2] - The group aims to transition from "blood transfusion" to "blood production," enhancing local agricultural technology and establishing a full industrial chain for products like persimmons and honey [2][4] - A financing lease of 24 million yuan was introduced to support local enterprises, marking a significant step in providing accessible financing options [3] Group 3: Education and Workforce Development - The construction of a vocational education park in Horgos, with a total investment of approximately 850 million yuan, aims to address the local shortage of skilled labor by providing training for 7,500 students [5] - The Horgos Technical School has established partnerships with Suzhou technical colleges to offer various vocational training programs, achieving a high employment rate for graduates [5] Group 4: Healthcare and Social Support - The Jiangsu Aid to Xinjiang Suzhou Working Group has facilitated the introduction of medical experts to improve healthcare services in Horgos, treating over 3,121 patients and performing 48 surgeries [6] - Significant donations from various organizations have been made to support education and social welfare in Horgos, totaling 6.09 million yuan [6] Group 5: Cultural Exchange and Community Building - Regular cultural exchanges between Suzhou and Horgos have fostered community ties, with numerous events promoting mutual understanding and appreciation of each other's heritage [7][8] - The "Su-Yun Yi-Qing" cultural exchange year series has seen extensive participation, with over 1,000 individuals engaging in various activities, enhancing cultural integration [8]